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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Blue Owl Capital
Blue Owl Capital (OWL) investor relations material
Blue Owl Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
AUM reached $329.9B, up 12% YoY; FPAUM was $192.2B, up 5%. Permanent capital totaled $227.8B and generated 85% of LTM FRE management fees.
Q3 FRE rose 14% YoY to $427.5M and DE rose 13% to $385.5M; LTM FRE grew 15% and DE grew 14%.
$48.8B of capital commitments were raised over the LTM; $36.3B of AUM was not yet paying fees.
Financial highlights
GAAP revenue was $806.5M, up 11% YoY; net income attributable to Class A shares was $20.0M, or $0.03 per basic and diluted share.
FRE revenue increased 10% YoY to $752.6M and expenses rose 5% to $310.0M; FRE management fees were $690.0M, up 5%.
Q3 capital commitments totaled $12.6B, including $10.2B of equity capital; FPAUM raised and deployed totaled $4.0B.
LTM GAAP net income was $371.2M versus $225.8M; LTM FRE was $1.63B and DE was $1.41B.
Outlook and guidance
FY2026 outlook remains above $1.02 FRE/share and $0.89 DE/share; Q4 DE is expected to exceed the $0.23 dividend again.
Management fee growth is expected to be higher in 2027 than in 2026; FRE margins are expected to rise modestly in Q4 and expand modestly in 2027.
$36.3B of AUM not yet paying fees represents expected annual FRE management fees of ~$402M once deployed, including ~$249M in Credit, ~$142M in Real Assets and ~$11M in GP Strategic Capital.
Credit interval-fund management fee offsets of $20M in 2026 are expected to end in 2027; BODI IV fundraising goal remains $10B, with an 18–24 month fundraising period expected to run through mid-2028.
Planned products include BOSE vintage two, European net lease vintage two, credit secondaries, diversified direct lending and additional wealth-focused products.
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Latest events from Blue Owl Capital
- Rapid AUM growth, strong credit and real assets performance, and AI-driven data center demand fuel expansion.OWL
Barclays 24th Annual Global Financial Services Conference - $319B AUM, 30%+ earnings CAGR, and market leadership in alternatives drive durable growth.OWLInvestor presentation
- AUM hit $319B, up 12% year-over-year, with strong earnings and a $0.23 dividend declared.OWLQ2 2026
- Directors elected, auditor ratified, and no stockholder questions raised during the meeting.OWLAGM 2026
- Strong performance and resilient growth across credit, real assets, and digital infrastructure.OWLBernstein 42nd Annual Strategic Decisions Conference
- Execution, margin growth, and scaling digital infrastructure and alternative credit drive 2026 outlook.OWLGoldman Sachs U.S. Financial Services Conference
- Scale, diversification, and disciplined credit drive resilient outperformance in evolving private markets.OWLCitizens Financial Services Conference 2025
- AUM hit $235B, with strong earnings, major acquisitions, and robust fundraising momentum.OWLQ3 2024
- AUM to exceed $500B by 2029, targeting 20%+ annual growth via innovation and scale.OWLInvestor Day 2025
Next Blue Owl Capital earnings date
Q4 20264 Feb, 2027
Blue Owl Capital
Next Blue Owl Capital earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Blue Owl Capital Inc is an alternative asset management firm providing capital solutions to asset managers and private businesses. It specializes in direct lending, GP capital solutions, and real estate investments. The company is headquartered in New York, New York, and its shares are listed on the NYSE.